According to a new research report published by MarketsandMarkets, the global security screening market is expected to reach $9.10 billion by 2020, growing at an expected compound annual growth rate (CAGR) of 9.46 percent from 2014 to 2020.
In a statement, the research firm said that the Asia-Pacific market ranks first in terms of the CAGR in the security screening market, while North America has been identified as the leader with regards to overall market size with the U.S leading the way.
Additionally, the market is witnessing agreements, contracts and product launches across the value chain and among a number of “tier-one players” around the globe. For example, France-based Safran SA, the parent company of Morpho Detection, has developed Finger on the Fly, which is the world’s fastest contactless four finger scanner. UK-based Smiths Detection came up with an advanced dual-view X-ray inspection system for automatic explosive detection at security checkpoints where bags and personal belongings are screened.
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